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Business Regulations & Security Special/Sponsored Content

AM Best affirms credit ratings of SiriusPoint Ltd. and its subsidiaries

LONDON — (BUSINESS WIRE) — #insurance — AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of the rated operating subsidiaries of SiriusPoint Ltd. (SiriusPoint) (Bermuda) [NYSE: SPNT]. Additionally, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) of SiriusPoint, which is a non-operating holding company.

 

Concurrently, AM Best has affirmed the Long-Term Issue Credit Rating of “bbb-” (Good) on USD 115 million, 7% senior unsecured notes, due 2025, of SiriusPoint. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings).

 

The ratings reflect SiriusPoint’s consolidated balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings of the group’s operating subsidiaries factor in their strategic importance to SiriusPoint.

 

SiriusPoint’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which was at the strongest level at year-end 2022, as measured by Best’s Capital Adequacy Ratio. The assessment also considers the significant de-risking of SiriusPoint’s asset base in 2022, owing to the redemption of USD 0.6 billion from related party investment funds and reinvestment of the proceeds into high quality fixed income securities. As a result, cash and fixed income investments comprised 92% of SiriusPoint’s investment portfolio at year-end 2022, up from 78% at year-end 2021. A partially offsetting rating factor is the group’s somewhat limited capital fungibility due to a significant portion of consolidated available capital being held as a safety reserve in the group’s Swedish subsidiary.

 

SiriusPoint is expected to report adequate operating performance over the underwriting cycle. However, recent technical performance has been weak, demonstrated by combined ratios of 120% and 107% (as calculated by AM Best) in 2021 and 2022, respectively. Underwriting profitability is expected to improve and be more stable as SiriusPoint’s management continues to rebalance the group’s business mix away from catastrophe-exposed property business toward less volatile accident and health and specialty lines.

 

SiriusPoint’s neutral business profile assessment reflects its market position as a midtier global (re)insurer, which operates from platforms in Europe, the United States, Bermuda and at Lloyd’s. The group has a good level of diversification by line of business, which is expected to improve further as it executes its business plan.

 

The FSR of A- (Excellent) and the Long-Term ICRs of “a-” (Excellent) have been affirmed, with stable outlooks for the following subsidiaries of SiriusPoint Ltd.:

  • SiriusPoint America Insurance Company
  • SiriusPoint Bermuda Insurance Company Ltd.
  • SiriusPoint International Insurance Corporation (publ)
  • SiriusPoint Specialty Insurance Corporation

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Ben Diaz-Clegg
Senior Financial Analyst
+44 20 7397 0293
ben.diaz-clegg@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Ghislain Le Cam, CFA, FRM
Senior Director, Analytics
+44 20 7397 0268
ghislain.lecam@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

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Art & Life Business Culture Lifestyle Sports & Gaming

Great Clips ® launches Show Your Flow campaign, asking NHL® fans to share their unique hockey hair flows

Six Fans Will Be Selected and Enshrined in the First-Ever Virtual Hockey Hair Hall of Fame

NHL All-Star Jack Hughes, Canadian Hockey Star Sarah Nurse and Social Media Influencers to Help Select Inaugural Class

 

MINNEAPOLIS — (BUSINESS WIRE) — Great Clips, the Official Hair Salon of the NHL, today launched the Show Your Flow campaign, which encourages fans to share photos and videos that put a spotlight on their unique and individual Hockey Hair styles.


From April 17 to May 7, fans can share a photo or video of their Hockey Hair on social media or through www.GreatClips.com/HockeyHair. On Instagram, Twitter and TikTok, fans must post a photo or video that best showcases their Hockey Hair, include the hashtags #ShowYourFlow and #Contest, tag @GreatClips as part of their post and follow the brand on their respective channels. To enter on Facebook, fans must comment on the entry post on the brand’s U.S. or Canada pages with a video or photo showing their Hockey Hair, include the hashtags #ShowYourFlow and #Contest and follow the brand. For complete contest and sweepstakes rules and information, click here.

 

For three straight weeks, one fan that has submitted content on social media or via the campaign website will be randomly selected each week to receive a $100 USD Great Clips gift card and a $100 USD NHLShop.com gift card (or equivalent value in CAD).

 

From all the submissions, Great Clips, Inc. and a panel of judges will select six inaugural members to be enshrined into a virtual Hockey Hair Hall of Fame. The six inductees will receive free haircuts for a year and signed memorabilia from NHL All-Star Jack Hughes and will be featured on Great Clips social and online channels. The inductee with the highest score by judges will receive a Grand Prize package that includes a trip to Nashville to attend the 2023 NHL Awards. The prize package includes two tickets to the NHL Awards, roundtrip airfare, hotel accommodations and $300 for food and local transportation.

 

Great Clips, Inc. and the judges will score the six members of the Hockey Hair Hall of Fame based on the following criteria:

  • Creativity and originality, showing how their Hockey Hair is unique to them, their fandom and their personality (45%)
  • Demonstrating their passion for hockey and Hockey Hair and how that passion enhances their fandom (35%)
  • Overall quality and appeal of the content (20%)

 

Members of the Hockey Hair Hall of Fame voting panel include two-time NHL All-Star and New Jersey Devils Center Jack Hughes, Canadian women’s hockey star Sarah Nurse, national talent show finalists and TV stars The Cline Twins, and hockey fan and influencer Jesse Pollock. Great Clips also partnered with popular influencers and professional dancers Cost n’ Mayor to choreograph a routine that flaunts their Hockey Hair and great moves. All influencers received haircuts from Great Clips stylists to get their Hockey Hair flows looking great for the 2023 Stanley Cup® Playoffs. To view a Show Your Flow compilation video, click here.

 

“Since 2019, Great Clips has celebrated the best Hockey Hair flows of NHL players past and present, but we know that great Hockey Hair goes beyond the pros,” said Lisa Hake, vice president of marketing and communications at Great Clips, Inc. “For the first time, Great Clips wanted to spotlight, memorialize, and reward fans for their unique and individual Hockey Hair flows through the Hockey Hair Hall of Fame. And, fans can visit their local Great Clips salons to achieve the Hockey Hair flows that fits them best.”

 

Great Clips will also have TV commercials running throughout the 2023 Stanley Cup® Playoffs featuring Jack Hughes and Cale Makar (Colorado Avalanche). Great Clips collaborated with the NHLPA to secure NHL players featured in TV commercials. The brand also is featuring NHL-themed creative within its salons across the U.S. and Canada and in digital ads in a robust NHL media package.

 

To participate in the Show Your Flow campaign and for tips and tricks to rock great-looking Hockey Hair all season long, visit www.GreatClips.com/HockeyHair.

 

Great Clips is also the official hair salon of the NHL Players Association and the NHL Alumni Association.

 

About Great Clips, Inc.

Great Clips, Inc. was established in 1982 in Minneapolis, Minnesota. Today, there are over 4,400 independently owned Great Clips® salons throughout the United States and Canada, making it the world’s largest salon brand. Great Clips is 100 percent franchised, and salons are owned locally by more than 700 franchisees across the U.S. and Canada. Great Clips® franchisees employ more than 25,000 stylists. Great Clips® franchised salons provide value-priced, high-quality haircare for men, women and children. Getting a great haircut at a Great Clips® salon is more convenient than ever with Online Check-In, ReadyNext® text alerts and Clip Notes®. To check in online, visit GreatClips.com or download the free app. For more information about Great Clips, Inc. or to find a salon location near you, visit GreatClips.com.

 

About the NHL

The National Hockey League (NHL®), founded in 1917, consists of 32 Member Clubs. Each team roster reflects the League’s international makeup with players from more than 20 countries represented, all vying for the most cherished and historic trophy in professional sports – the Stanley Cup®. Every year, the NHL entertains more than 670 million fans in-arena and through its partners on national television and radio; more than 191 million followers – league, team and player accounts combined – across Facebook, Twitter, Instagram, Snapchat, TikTok, and YouTube; and more than 100 million fans online at NHL.com. The League broadcasts games in more than 160 countries and territories through its rightsholders including ESPN, WBD Sports and NHL Network in the U.S.; Sportsnet and TVA Sports in Canada; Viaplay in the Nordics, Baltics, and Poland; YLE in Finland; Nova in Czech Republic and Slovakia; Sky Sports and ProSieben in Germany; MySports in Switzerland; and CCTV5+ in China; and reaches fans worldwide with games available to stream in every country. Fans are engaged across the League’s digital assets on mobile devices via the free NHL® App; across nine social media platforms; on SiriusXM NHL Network Radio™; and on NHL.com, available in eight languages and featuring unprecedented access to player and team statistics as well as every regular-season and playoff game box score dating back to the League’s inception, powered by SAP. NHL Original Productions and NHL Studios produce compelling original programming featuring unprecedented access to players, coaches and League and team personnel for distribution across the NHL’s social and digital platforms.

 

The NHL is committed to building healthy and vibrant communities using the sport of hockey to celebrate fans of every race, color, religion, national origin, gender identity, age, sexual orientation, and socio-economic status. The NHL’s Hockey Is For Everyone™ initiative reinforces that the official policy of the sport is one of inclusion on the ice, in locker rooms, boardrooms and stands. The NHL is expanding access and opportunity for people of all backgrounds and abilities to play hockey, fostering more inclusive environments and growing the game through a greater diversity of participants. To date, the NHL has invested more than $100 million in youth hockey and grassroots programs, with a commitment to invest an additional $5 million for diversity and inclusion programs over the next year.

 

About the National Hockey League Players’ Association

The National Hockey League Players’ Association (NHLPA), established in 1967, is a labour organization whose members are the players in the National Hockey League (NHL). The NHLPA works on behalf of the players in varied disciplines such as labour relations, product licensing, marketing, international hockey and community relations, all in furtherance of its efforts to promote its members and the game of hockey. In 1999, the NHLPA launched the Goals & Dreams fund as a way for the players to give something back to the game they love. Over the past 22 years, more than 80,000 deserving children in 34 countries have benefited from the players’ donations of hockey equipment. NHLPA Goals & Dreams has donated more than $25 million to grassroots hockey programs, making it the largest program of its kind. For more information on the NHLPA, please visit www.nhlpa.com.

NHLPA, National Hockey League Players’ Association and the NHLPA logo are registered trademarks of the NHLPA and are used under license. © NHLPA. All Rights Reserved.

 

About the NHL Alumni Association

The NHL Alumni Association (NHLAA), established in 1999, is an organization devoted to bettering the lives of all former NHL players and their families. The NHLAA exemplifies this commitment to its members in many different ways, including financial assistance, mental and emotional wellness support, physical care, post-playing career transition and family aid, all in furtherance of its efforts to ‘Honour the Past’. Since its inception, the NHLAA has become the largest membership of retired professional hockey players and focuses on making tomorrow better than today for all NHL Alumni throughout their journey. To learn more, and to view our latest news posts, please visit us at www.nhlalumni.com.

The Alumni logo is a trademark of the NHL Alumni Association. © NHL Alumni Association 2023. All Rights Reserved.

NHLPA, National Hockey League Players’ Association and the NHLPA logo are registered trademarks of the NHLPA and are used under license. © NHLPA. All Rights Reserved.​

Contacts

Beatrice Zvosec

952.746.6552

Beatrice.Zvosec@greatclips.com

Categories
Culture Government Programs & Events Regulations & Security

Cintas’ Fire Protection Division celebrates 20 years of impact

In two decades, Fire Protection has become a national leader in the industry

 

CINCINNATI — (BUSINESS WIRE) — $CTAS — The Cintas Corporation (Nasdaq: CTAS) Fire Protection Division, a national leader in fire sprinkler systems, fire alarms, fire suppression systems, extinguisher inspections, emergency signage and training, is celebrating 20 years of growth, leadership and success.


Cintas launched its Fire business in April 2003 as part of its then-combined First Aid, Safety and Fire Division. It began with a small acquisition in New Jersey and 24 employee-partners and has continued to grow since.

 

Tuesday, Cintas operates the Fire Protection division as a separate business unit1. It employs more than 2,500 employee-partners across the United States operating service locations, processing centers and dedicated support centers.

 

John Amann, President and COO of Cintas Fire Protection since 2016, is proud of the division’s important value proposition.

 

“We help our customers protect their most valuable assets: their people, their property and their businesses,” Amann said. “It’s a responsibility that we never take lightly.”

 

Cintas’ commitment to providing fire protection services has recently extended beyond its customers to support those who help people facing fire and fire-related emergencies.

 

The division’s relationship with the National Fallen Firefighters Foundation (NFFF) includes philanthropic support for the families of those who have lost their lives in service of others during fire emergencies, as well as ongoing business support for its Prevent the Preventable program which provides education and resources to communities to help reduce fire and other hazards and help improve firefighter safety.

 

Cintas is a Chief Sponsor of the NFFF’s 9/11 Memorial Stair Climbs, its annual fundraising campaign that includes hundreds of events around the country that observe and remember the tragic events of Sept. 11, 2001, and raise money to support surviving family members of the fallen fire heroes. In the last two years, Cintas has helped raise more than $150,000 for the foundation.

 

“Our corporate culture is what sets us apart,” Amann said, “We aim to do things the right way, and we try to be a great community member. We service our customers with integrity, attention and care and we help our customers protect what’s most important to them. And we’re helping support the fire industry and its people and families who risk their lives to help others.”

 

As Cintas Fire Protection celebrates two decades of growth, success and leadership in the industry, its first two decades of success have set the stage for its future.

 

“The next 20 years of Cintas Fire Protection look even more exciting,” Amann said, “I can’t wait to see opportunities that will occur along the way.”

 

About Cintas Corporation

Cintas Corporation helps more than one million businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe, and looking their best. With offerings including uniforms, mats, mops, towels, restroom supplies, workplace water services, first aid and safety products, eye-wash stations, safety training, fire extinguishers, sprinkler systems and alarm service, Cintas helps customers get Ready for the Workday®. Headquartered in Cincinnati, Cintas is a publicly held Fortune 500 company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor’s 500 Index and Nasdaq-100 Index.

 

1 In Cintas Corporation’s financial reporting, Fire Protection is reported under “All Other.”

Contacts

Lizz Summers, Cintas Director of Corporate Affairs, summerse2@cintas.com, 513-972-2859

Categories
Business Culture Economics Education Lifestyle Programs & Events Regulations & Security

Rutgers launches ‘Shares Laboratory’ to study and track equity compensation

26.3 million Americans hold company stock or stock options

 

PISCATAWAY, N.J. — (BUSINESS WIRE) — #ESPP — The Rutgers Institute for the Study of Employee Ownership and Profit Sharing today announced the nation’s first academic research initiative dedicated to equity compensation.

 

The Shares Laboratory will conduct research and policy analysis on company stock, stock options, employee stock purchase plans, and other shares in the workplace.

“A huge number of Americans receive equity compensation,” said Bill Castellano, a Professor in the Rutgers School of Management and Labor Relations and Co-Leader of the Shares Laboratory.

 

“There are many individual studies on its impact, but there’s never been a dedicated research program until now. The Shares Lab gives equity compensation an address – a place in higher education where policy, practice, and impact will be closely monitored.”

 

About a quarter of all private sector employees hold company stock or stock options as part of their compensation package, totaling about 26.3 million Americans. The Shares Lab will advance understanding of shares by:

  • Monitoring the growth of equity compensation and its role in the economy;
  • Analyzing federal policies relating to stock, stock options, and other shares;
  • Conducting scholarly research on equity compensation in all its forms;
  • Proposing path-breaking innovations to extend shares to more employees; and
  • Predicting how changes in equity access will affect different parts of the economy.

 

The Shares Lab will be the Institute’s flagship “big data” program, monitoring a rich array of government databases, public records, and private surveys. Its reports will overnight become the gold standard for basic research on equity compensation. In addition, the Lab has created a model of the U.S. economy that breaks down the labor force by industry, workplace practices, equity access, income, wealth, and personal characteristics. This model will enable researchers to conduct experiments on critical questions.

 

“We know there are gender and racial gaps in equity compensation,” said Douglas Kruse, a Distinguished Professor in the Rutgers School of Management and Labor Relations and Co-Leader of the Shares Laboratory.

 

“By using the model, we hope to learn which policy changes would extend shares to more women and people of color. We also hope to investigate how equity shares affect middle class incomes and wealth, among other key questions.”

 

Kruse is a former Senior Economist at the White House Council of Economic Advisers under President Barack Obama.

 

Bank of America, Computershare, Fidelity Investments, and Paypal are the initial supporters of the Shares Laboratory’s research effort. Google.org provided a major donation to support the collection of 2022 data. The Aspen Institute’s Economic Opportunities Program, the Employee Ownership Foundation, the Global Equity Organization, and the National Center for Employee Ownership will help to disseminate the reports.

 

“The Lab will provide the most objective analysis of equity compensation trends and will identify problems and opportunities in this field,” said Joo Hun Han, a Research Fellow in the Rutgers Institute for the Study of Employee Ownership and Profit Sharing and Co-Leader of the Shares Laboratory.

 

“By engaging with practitioners, we hope to accelerate the impact of our research and propose innovations in equity compensation.”

 

About the School

The Rutgers School of Management and Labor Relations (SMLR) is the world’s leading source of expertise on managing and representing workers, designing effective organizations, and building strong employment relationships.

 

About the Institute

SMLR’s Institute for the Study of Employee Ownership and Profit Sharing conducts empirical research, analyzes policy, and sponsors the leading global fellowship program and academic conferences in the field. Joseph Blasi, the J. Robert Beyster Distinguished Professor, serves as the Institute’s Director.

 

The Institute also manages a program to help college professors teach about these subjects (The Curriculum Library for Employee Ownership) and a technical assistance center (The NJ/NY Center for Employee Ownership). One recent initiative (The Employee Ownership Online Education Program), sponsored by the W.K. Kellogg Foundation, features free online videos to help retiring business owners sell to their employees.

Contacts

Press
Steve Flamisch, Rutgers School of Management and Labor Relations

848.252.9011 (cell), steve.flamisch@smlr.rutgers.edu

Categories
Art & Life Business Culture Lifestyle Programs & Events

The Resource Home Show trade show returns to The Woodland in Maplewood on Sunday, April 23 from 12 PM – 4 PM, supports ALS research

MAPLEWOOD, N.J. — (BUSINESS WIRE) — #danbrotlabiancaproperties — The Resource Home Show, a home improvement trade show, returns after a three plus year hiatus to connect regional homeowners and home design enthusiasts with an eclectic arsenal of home improvement professionals.

 

Specialists spanning a broad cross-section of fields including interior design, architecture, restoration, home maintenance, pools and landscapes, solar, art installation, home organization, and so much more, will engage visitors through creative displays, educational presentations, and pop-up shops.

 

 

The brainchild of Realtors®, Lisa Danbrot and Carla Labianca of Danbrot+Labianca Properties with Compass NJ, whose online platforms include Inhabit Your Home Blog and the popular Facebook Groups SoMa at Home and Soma at Home Salvage Market, founded the Show in 2018 and have sponsored and produced it since.

 

“A home is both its material construct and the way we experience the space inside. The vision of the show is to represent both realms. So, the Show includes a wide variety of home improvement specialists,” says Danbrot.

 

Perhaps the most important thing about the Show is its charitable component. Proceeds will go to support Target ALS which envisions a world where effective treatments for all forms of ALS will lead to a world where everyone with ALS lives. Target ALS harnesses the power of collaborations to accelerate translation of most promising ideas for drug discovery into clinical trials.

 

Tammy Keck, the former Publisher of Design New Jersey Magazine, who has partnered with the Show since 2019 says: “The Resource Home Show is a wonderful opportunity for home & design related businesses to connect with passionate, local homeowners. We also benefited from time spent networking with other businesses exhibiting at the show. A productive and enjoyable community event that continues to yield results two years later.”

 

Special highlights of the event are the Designer Showcases in which Interior Designers create environments to offer a sampling of their work. They include: The Inspired Garden by Laura Janney, Liz Curry Studio, Inside HOME by Robert White, Urban Casa, and Liquidscapes, a pool design and installation company.

 

This year’s talented Exhibitors, some returning, include: AV Luxury Design, The Brady Studio, California Closets, Clawson Architects, Clawson Cabinets, Grit & Honey Home Organizing, Guaranteed Rate, Gutter Helmet by Lednor Home Solutions, Idea Space, KRA Insurance Agency, The Maplewood Historic Preservation Commission, Maplewood Mercantile, Neolith, Paul Blizard Landscaping, Power Home Remodeling, Ricciardi Brothers, Rumbolo Art Services, Screenmobile of Maplewood, The South Orange Historical and Preservation Society, Studio Envie, Studio J Glass, Trinity Solar, Ultra Construction Group LLC., and Walden Interiors.

 

Pop-up shops showcasing beautiful wares for home include imPerfect Studio, KCB Curated, and Penchant for Pretty.

 

Interior design photographer, Aimee Herring Ryan of aimee.photos, will be documenting the event.

 

“What if we could give our community and clients a one-stop place to meet, to have that very important face-to-face conversation with some talented home improvement professionals? And the Show was born,” says Labianca.

 

The demos and presentations include Antique Window Repair with Paul Lewis of 2GFN, How to Get Your Dream Garden with Laura Janney of The Inspired Garden, Home Maintenance 101 with Ernie Borsellino of All-Pro Home Inspections, Fitted and Folded: How to Fold a Fitted Sheet with Frances Greene of Grit + Honey Home Organizing, The Ladies of SoMa at Home, with Sarah Gee of Sarah Gee Interiors and Carla Labianca of Danbrot + Labianca Properties, and more.

 

Additional sponsor, Guy Aboutboul of Guaranteed Rate, will be on hand to discuss renovation loans and mortgage products.

 

SandWiCheRia Food Truck will be on hand to provide a hip and fast Peruvian Street Food experience.

Tickets are $10 online through April 22nd or $15 the day of at the door.

 

Contacts

Media: Carla Labianca, Carla.labianca@compass.com, 917-854-7686

Categories
Business Lifestyle Regulations & Security Science Technology

Corvus and Core Specialty to deliver expansion of AI-powered Excess Tech E&O and Cyber product

Core Specialty’s first in the Cyber and Tech E&O market

 

BOSTON — (BUSINESS WIRE) — Corvus Insurance, the leading cyber underwriter, powered by a proprietary AI-driven cyber risk platform, announced today the launch of a new program with Core Specialty to support the expansion of the Excess Tech E&O and Cyber product with additional capacity. This is Core Specialty’s first offering in the Cyber and Tech E&O market and also marks the latest example of Corvus’s commitment to building out its key lines of business.

This program provides up to $5M in coverage for companies with revenues up to $500MM. The program will be written on Core Specialty’s paper and will include Tech E&O coverage, as well as a full suite of Cyber coverages, on an excess basis. The program is supported by a leading panel of reinsurers as well as risk taken through Corvus’s captive, Corvus Reinsurance Company. Corvus’s in-house team will have full management of the policies – from underwriting to claims handling.

 

This latest announcement follows Corvus’s recent launch of Corvus Risk Navigator™, which enables underwriters to provide predictive, data-driven insights, superior risk selection and accelerated decision-making, and IT security recommendations. Brokers who are looking to secure Tech E&O coverage stand to gain tremendous benefits from Corvus’s data-driven method of underwriting. Brokers can leverage Corvus’s policyholder benefits such as risk management tools and personalized vulnerability alerting on both primary and excess Tech E&O placements.

 

“We are thrilled to have the validation of Core Specialty, a well-known leader in specialty insurance. Both Core Specialty and Corvus put underwriting excellence and results first, so we view ourselves as natural partners,” said Corvus CEO Madhu Tadikonda. “Core Specialty’s commitment is a testament to Corvus’s proven track record combining growth with industry-leading loss ratios. The Corvus formula works — arming the strongest underwriters with best-in-class data and technology means accurate risk selection, better broker experience, and superior underwriting outcomes. We have the best team in the industry and are excited to expand our realm of possibilities with broker partners, thanks to this partnership, including the roll-out of excess capacity.”

 

“We chose Corvus for our first foray into Cyber and Tech E&O because of its unique and modern approach to combining skilled underwriting with data-driven technology,” said Jeff Consolino, President and CEO of Core Specialty. “We are impressed by Corvus’s talented team of cybersecurity underwriters, technology, and data science professionals, and look forward to working together to support a full spectrum of Tech E&O business — starting with this excess coverage. The Tech E&O and Cyber product will complement Core Specialty’s Commercial Errors & Omissions Liability products and services for small and medium sized businesses and professionals where we deliver a wide range of protection to help cover loss and defense costs that come from claims of professional negligence, error, or omission.”

 

About Corvus Insurance

Corvus Insurance is building a safer world through insurance products and digital tools that reduce risk, increase transparency, and improve resilience for policyholders and program partners. Our market-leading specialty insurance products are enabled by advanced data science and include Smart Cyber Insurance® and Smart Tech E+O™. Our digital platforms and tools enable efficient quoting and binding and proactive risk mitigation. Corvus Insurance offers insurance products in the U.S., Middle East, Europe, Canada, and Australia. Current insurance program partners include Crum & Forster, Hudson Insurance Group, certain underwriters at Lloyd’s of London, R&Q Accredited, SiriusPoint, and The Travelers Companies, Inc. Corvus Insurance, Corvus London Markets, and Corvus Germany are the marketing names used to refer to Corvus Insurance Agency, LLC; Corvus Agency Limited; and Corvus Underwriting GmbH. All entities are subsidiaries of Corvus Insurance Holdings, Inc. Corvus Insurance was founded in 2017 and is headquartered in Boston, Massachusetts with offices across the U.S., in the UK, and Germany. For more information, visit corvusinsurance.com.

 

About Core Specialty

Core Specialty offers a diversified range of property and casualty insurance products for small to midsized businesses. From its underwriting offices spanning the U.S., the Company focuses on niche markets, local distribution, and superior underwriting knowledge; offering traditional as well as innovative insurance solutions to meet the needs of its customers and brokers. Core Specialty is an insurance holding company operating through StarStone Specialty Insurance Company, a U.S. excess & surplus lines insurer, and StarStone National Insurance Company, Lancer Insurance Company, and Lancer Insurance Company of New Jersey, each of which is a U.S. admitted markets insurer. All Core Specialty Insurance entities are rated A- (Excellent); the StarStone companies are Financial Size Category XII and the Lancer entities are Financial Size Category of VII. For further information about Core Specialty, please visit www.corespecialty.com.

Contacts

Inkhouse PR, Jen Weber

corvus@inkhouse.com

Categories
Business Regulations & Security Special/Sponsored Content

KORNIT DEADLINE ALERT: Bragar Eagel & Squire, P.C. reminds investors that a class action lawsuit has been filed against Kornit Digital Ltd. and encourages investors to contact the firm

NEW YORK — (BUSINESS WIRE) — #A — Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against Kornit Digital Ltd. (“Kornit” or the “Company”) (NASDAQ: KRNT) in the United States District Court for the District of New Jersey on behalf of all persons and entities who purchased or otherwise acquired Kornit securities between February 17, 2021 and July 5, 2022, both dates inclusive (the “Class Period”).

 

Investors have until April 17, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Click here to participate in the action.

 

This securities class action is brought on behalf of all persons or entities that purchased or otherwise acquired Kornit ordinary shares between February 17, 2021 and July 5, 2022, inclusive (the “Class Period”). The claims asserted herein are alleged against Kornit and certain of the Company’s current and former senior executives (collectively, “Defendants”), and arise under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5, promulgated thereunder.

 

Kornit designs and manufactures industrial digital printing technologies for the garment, apparel, and textile industries. The Company’s digital inkjet printers enable end-users to print both direct-to-garment (“DTG”) and direct-to-fabric (“DTF”). In DTG printing, designs and images are printed directly onto finished textiles such as clothing and apparel. In DTF printing, large rolls of fabric pass through wide inkjet printers that print images and designs directly onto swaths of fabric that are then cut and sewn into a product, and can be used in the fashion and home décor industries. Kornit also produces and sells textile inks and other consumables for use in its digital printers. Through customer support contracts, Kornit also provides customer assistance and equipment services for its printers, including technical support, maintenance, and repair.

 

During the Class Period, the Company also began offering software services to its customers, including a suite of end-to-end fulfillment and production solutions, called KornitX, through which the Company provides, among other things, automated production systems and workflow and inventory management.

 

The Company’s largest customer is multinational e-commerce company, Amazon.com, Inc. (“Amazon”). Among the largest of Kornit’s other customers during the Class Period were Delta Apparel, Inc. (“Delta Apparel”), a leading provider of activewear and lifestyle apparel products, and Fanatics, Inc. (“Fanatics”), a global digital sports platform and leading provider of licensed sports merchandise. Kornit generates more than 60% of its revenues from its ten largest customers. Accordingly, it was critically important for Kornit to maintain those major customers as well as continue to grow its customer base in order to achieve the Company’s ambitious goal of “becoming a $1 billion revenue company in 2026.”

 

Throughout the Class Period, Kornit repeatedly touted the purported competitive advantages provided by its technology and assured investors that it faced virtually no meaningful competition in the “direct-to-garment” printing market. The Company also represented that there was strong demand for its digital printing systems, consumable products, such as textile inks, as well as the services Kornit provided customers to maintain and manage its digital printers, and to manage customer workflow. Kornit further assured investors that the purportedly strong demand for the Company’s products and services would enable it to maintain its existing customer base and attract new customers that would limit the risks associated with a substantial portion of its revenues being concentrated among a small number of large customers.

 

These and similar statements made throughout the Class Period were false. In truth, Kornit and its senior executives knew, or at a minimum, recklessly disregarded, that the Company’s digital printing business was plagued by severe quality control problems and customer service deficiencies. Those problems and deficiencies caused Kornit to cede market share to competitors, which, in turn, led to a decrease in the Company’s revenue as customers went elsewhere for their digital printing needs. As a result of these misrepresentations, Kornit ordinary shares traded at artificially inflated prices throughout the Class Period.

 

Investors began to learn the truth on March 28, 2022, when Delta Apparel and Fanatics—two of Kornit’s major customers—announced that for months they had collaborated with one of Kornit’s principal competitors to develop a new digital printing technology that directly competed with products and services Kornit offered. Delta Apparel revealed that it had already installed this new technology in four of its existing digital print facilities and had plans to expand further. The utilization of this new, competing technology by Delta Apparel and Fanatics reflected the widespread dissatisfaction of Kornit’s major customers with the Company’s product quality and customer service, and meant that Kornit would likely lose revenue from two of its most important customers.

 

On May 11, 2022, despite reporting revenues that exceeded expectations, Kornit reported a net loss of $5.2 million for the first quarter of 2022, compared to a profit of $5.1 million in the prior year period. The Company also issued revenue guidance for the second quarter of 2022 that was significantly below analysts’ expectations. Kornit attributed its disappointing guidance to a slowdown in orders from the Company’s customers in the e-commerce segment. In addition, the Company admitted that, for at least the previous two quarters, Kornit knew that one of its largest customers, Delta Apparel, had acquired digital printing systems from a Kornit competitor. As a result of these disclosures, the price of Kornit ordinary shares declined by $18.78 per share, or 33.3%.

 

Then, on July 5, 2022, after the market closed, Kornit disclosed that it would report a sizeable shortfall in revenue for the second quarter of 2022. Specifically, Kornit expected revenue for the second quarter to be in the range of $56.4 million to $59.4 million, far short of the previous revenue guidance of between $85 million and $95 million that the Company provided less than two months earlier, in May 2022. Kornit attributed the substantial revenue miss to “a significantly slower pace of direct-to-garment (DTG) systems orders in the second quarter as compared to our prior expectations.” As a result of these disclosures, the price of Kornit ordinary shares declined by an additional $8.10 per share, or 25.7%.

 

As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s shares, Plaintiff and other Class members have suffered significant losses and damages.

 

If you purchased or otherwise acquired Kornit shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.

 

About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts

Bragar Eagel & Squire, P.C.

Brandon Walker, Esq.

Melissa Fortunato, Esq.

(212) 355-4648

investigations@bespc.com
www.bespc.com

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Rush Street Interactive is first to launch ODDSworks content in New Jersey on BetRivers app

CHICAGO — (BUSINESS WIRE) — ODDSworks, Inc., a North American leader in Remote Gaming Server technology and interactive content, announced today that it has partnered with Rush Street Interactive (NYSE: RSI) (“RSI”), a U.S.-based gaming company, to deploy its BETguard™ Remote Gaming Server (RGS) platform and proprietary and third-party content for the first time in New Jersey on BetRivers app.

“We are pleased to be partnering once again with RSI, a world class online iGaming company, to provide our unique, proven game content via the versatile BETguard™ platform to the New Jersey market,” commented ODDSworks EVP, Steven DeMar.

 

“We look forward to working with RSI, to grow our respective operations in that state. We expect our close relationship as business partners to continue to expand in the years to come.”

 

New Jersey marks the 4th iGaming market ODDSworks has opened with RSI. They are now live with RSI in Pennsylvnia, Michigan and West Virginia as well.

 

“We are delighted to once again partner with the ODDSworks team to provide players with best-in-class igaming content in New Jersey, one of the most robust iGaming states in North America,” said RSI CEO, Richard Schwartz.

 

“We know they will offer our players at BetRivers top quality and exciting content. We’re proud to work with ODDSworks to elevate our iGaming platform in this important market.”

 

About ODDSworks™

A leader in Remote Gaming Server technology and interactive content, ODDSworks specializes in delivering world-class gaming content and best-in-class interactive technologies for regulated and real money gaming markets.

 

The BETguard™ RGS platform processes over $2 Billion annually in wagering and is approved under GLI-19 regulations. It will power the ODDSworks games as they expand with each new market. ODDSworks is integrating with all major online casinos and provides their unique, market-proven game library to operators.

 

The ODDSworks game portfolio includes a versatile range of proprietary and third-party titles, each featuring a unique and engaging theme enhanced with stellar graphics, sounds and features. ODDSworks team brings almost 100 years of gaming experience to the table. ODDSWorks is owned and operated by gaming pros who know the industry and its players inside out.

 

Visit WWW.ODDSworks.com

 

About Rush Street Interactive

RSI is a trusted online gaming and sports entertainment company focused on markets in the United States, Canada and Latin America. Through its brands, BetRivers, PlaySugarHouse and RushBet, RSI was an early entrant in many regulated jurisdictions. It currently offers real-money mobile and online operations in fifteen U.S. states: Pennsylvania, Illinois, New Jersey, New York, Ohio, Connecticut, Michigan, Indiana, Virginia, Maryland, Colorado, Iowa, West Virginia, Arizona and Louisiana, as well as in the regulated international markets of Ontario, Canada, Colombia and Mexico. RSI offers, through its proprietary online gaming platform, some of the most popular online casino games and sports betting options in the United States. Founded in 2012 in Chicago by gaming industry veterans, RSI was named the 2022 EGR North America Awards Operator of the Year, Customer Services Operator of the Year and Social Gaming Operator of the Year, and the 2021 SBC Latinoamérica Awards Sportsbook Operator of the Year. RSI was the first U.S.-based online casino and sports betting operator to receive RG Check iGaming Accreditation from the Responsible Gaming Council. For more information, visit www.rushstreetinteractive.com.

Contacts

Steven De Mar

Steven@oddsworks.com

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Business Healthcare Lifestyle Science Special/Sponsored Content

Rocket Pharmaceuticals to participate in upcoming Investor Conferences

CRANBURY, N.J. — (BUSINESS WIRE) — Rocket Pharmaceuticals, Inc. (NASDAQ: RCKT), a leading late-stage biotechnology company advancing an integrated and sustainable pipeline of genetic therapies for rare disorders with high unmet need, today announced that Company management will participate in the 22nd Annual Needham Virtual Healthcare Conference and Chardan’s 7th Annual Genetic Medicines and Cell Therapy Manufacturing Summit.

 

Participation details are as follows:

22nd Annual Needham Virtual Healthcare Conference

Fireside Chat Presentation

Date: April 18, 2023

Time: 8:45 a.m. ET

 

Chardan’s 7th Annual Genetic Medicines and Cell Therapy Manufacturing Summit

Fireside Chat Presentation

Date: April 25, 2023

Time: 9:00 a.m. ET

A webcast of both events will be available under “Events” in the Investors section of the Company’s website at https://ir.rocketpharma.com/.

 

About Rocket Pharmaceuticals, Inc.

Rocket Pharmaceuticals, Inc. (NASDAQ: RCKT) is advancing an integrated and sustainable pipeline of investigational genetic therapies designed to correct the root cause of complex and rare disorders. The Company’s platform-agnostic approach enables it to design the best therapy for each indication, creating potentially transformative options for patients afflicted with rare genetic diseases. Rocket’s clinical programs using lentiviral vector (LV) based gene therapy are for the treatment of Fanconi Anemia (FA), a difficult to treat genetic disease that leads to bone marrow failure and potentially cancer, Leukocyte Adhesion Deficiency-I (LAD-I), a severe pediatric genetic disorder that causes recurrent and life-threatening infections which are frequently fatal, and Pyruvate Kinase Deficiency (PKD), a rare, monogenic red blood cell disorder resulting in increased red cell destruction and mild to life-threatening anemia. Rocket’s first clinical program using adeno-associated virus (AAV)-based gene therapy is for Danon Disease, a devastating, pediatric heart failure condition. Rocket also has preclinical AAV-based gene therapy programs in PKP2-arrhythmogenic cardiomyopathy (ACM) and BAG3-associated dilated cardiomyopathy (DCM). For more information about Rocket, please visit www.rocketpharma.com.

 

Rocket cautionary statement regarding forward-looking statements

Various statements in this release concerning Rocket’s future expectations, plans and prospects, including without limitation, Rocket’s expectations regarding the safety and effectiveness of product candidates that Rocket is developing to treat Fanconi Anemia (FA), Leukocyte Adhesion Deficiency-I (LAD-I), Pyruvate Kinase Deficiency (PKD), Danon Disease (DD) and other diseases, the expected timing and data readouts of Rocket’s ongoing and planned clinical trials, the expected timing and outcome of Rocket’s regulatory interactions and planned submissions, Rocket’s plans for the advancement of its Danon Disease program, including its planned pivotal trial, and the safety, effectiveness and timing of related pre-clinical studies and clinical trials, may constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks, uncertainties and assumptions. You should not place reliance on these forward-looking statements, which often include words such as “aim,” “anticipate,” “believe,” “can,” “continue,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “will give,” “seek,” “will,” “may,” “suggest” or similar terms, variations of such terms or the negative of those terms. Although Rocket believes that the expectations reflected in the forward-looking statements are reasonable, Rocket cannot guarantee such outcomes. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, without limitation, Rocket’s ability to monitor the impact of COVID-19 on its business operations and take steps to ensure the safety of patients, families and employees, the interest from patients and families for participation in each of Rocket’s ongoing trials, patient enrollment, trial timelines and data readouts, our expectations regarding our drug supply for our ongoing and anticipated trials, actions of regulatory agencies, which may affect the initiation, timing and progress of pre-clinical studies and clinical trials of its product candidates, our ability to submit regulatory filings with the U.S. Food and Drug Administration (FDA) and to obtain and maintain FDA or other regulatory authority approval of our product candidates, Rocket’s dependence on third parties for development, manufacture, marketing, sales and distribution of product candidates, the outcome of litigation, our competitors’ activities, including decisions as to the timing of competing product launches, pricing and discounting, our integration of an acquired business, which involves a number of risks, including the possibility that the integration process could result in the loss of key employees, the disruption of our ongoing business, or inconsistencies in standards, controls, procedures, or policies, our ability to successfully develop and commercialize any technology that we may in-license or products we may acquire and any unexpected expenditures, as well as those risks more fully discussed in the section entitled “Risk Factors” in Rocket’s Annual Report on Form 10-K for the year ended December 31, 2022, filed February 28, 2023 with the SEC and subsequent filings with the SEC including our Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and Rocket undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

Media
Kevin Giordano

kgiordano@rocketpharma.com

Investors
Brooks Rahmer

investors@rocketpharma.com

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Business Culture Lifestyle Regulations & Security Sports & Gaming

ClashTV announces long-term rights renewal with Isaiah Whitehead Classic Summer Basketball Tournament

First 2023 renewal announcement sets the stage for ClashTV’s return to another amazing NYC Summer Season of Streetball and Culture

 

NEW YORK — (BUSINESS WIRE) — ClashTV, a livestreaming digital platform built to connect fans with the creators, content and culture they are most passionate about, today announced a long-term, multi-year rights renewal with the Isaiah Whitehead Classic (IWC), extending an exclusive interactive media, distribution and content creation partnership that began with a successful 2022 season of streaming.


Founded by Coney Island native Isaiah Whitehead in 2021, IWC hosts the top NYC street ballers from Brooklyn, Uptown, Queens, Staten Island, and New Jersey. A high-school and college standout and former NBA player, Whitehead has brought his resources together to put on the best possible events for his city.

 

This multi-year agreement between ClashTV and IWC will include interactive live streaming, video on demand, and linear distribution of all the event’s full games as well as the creation of short-form and original programming shoulder content. Starting this year, ClashTV will work with IWC and other partners to expand into Web3 loyalty and superfan monetization.

 

“The Isaiah Whitehead Classic quickly rose to become one of our most 2022 streamed event series,” said Ivan Isakov, ClashTV Founder and Chairman. “Extending our partnership in a long-term agreement ensures that ClashTV users get continued exclusive access to amazing basketball content and that the IWC has a path to growth and monetization as part of our Group Flow Flywheel. Big love and respect to Isaiah and the Coney Island family!”

 

Added Whitehead, “I am thrilled to extend and expand the agreement between ClashTV and my IWC tournament. The fan and community feedback to our 2022 ClashTV debut was very positive, and IWC is on the verge of taking over New York City Street Ball. Coney Island is the last stop, so you gotta’ bring your game, not just your name!”

 

This interactive basketball programming builds on ClashTV’s other programming that has included mixed martial arts events and a range of video podcasts featuring personalities such as Add Ventures Music founder and co-founder of Murder Inc. Records Chris “Gotti” Lorenzo.

 

ABOUT CLASHTV

ClashTV is an interactive livestreaming digital platform built to connect fans with the content and culture they are most passionate about. ClashTV allows their audience to view livestreamed and VOD content, vote or clap for what they’re watching, chat on-screen with other fans, purchase merchandise, take part in quizzes, promotional giveaways, and more. From Gen Y and Z-skewing sports content such as Mixed Martial Arts, New York City’s most legendary street basketball leagues and podcasts featuring cultural leaders, ClashTV helps bring the audience closer to the content they love and helps creators better monetize their passions. The app is available on the iOS and Android platforms. For more information, please visit https://www.clashtv.app.

Contacts

MEDIA CONTACT

tony@clsh.tv